It is to be appreciated that when access to an insulated pipe valve is necessary for valve maintenance, servicing, repair and the like, the insulation located around and surrounding the valve is often partially destroyed or compromised in some fashion. Moreover, once the insulation is removed from the valve, it is often difficult for a technician, working on or servicing the valve, to properly reinstall the insulation around the valve so that the insulation will provide the necessary insulation to the valve following servicing. Moreover, in some instances, it is possible that the technician may simply reinstall the exterior cover of the insulation, without the insulation being reinstalled. In either event, the exterior cover alone or the exterior cover and the improperly installed insulation generally do not provide the necessary insulation to the valve and this, in turn, eventually leads to condensation problems and other issues.